AbbVie reports disappointing mid-stage data for its schizophrenia drug. Jason Snipe of Odyssey Capital still likes AbbVie stock.

AbbVie said a recently acquired drug candidate for schizophrenia missed the key goal in mid-stage studies, pushing its stock sharply lower. Phase 2 studies for emraclidine failed to show a statistically significant improvement in symptoms after six weeks,

Shares of AbbVie were getting hammered Monday after the drug maker said two Phase 2 trials of its experimental schizophrenia drug showed no significant improvement in symptoms. The drug, emraclidine,

Key Takeaways Shares of AbbVie plummeted Monday after the company said its schizophrenia drug Emraclidine missed key goals in a pair of trials.Abbvie said the trials did not show a statistically significant improvement in symptoms compared with the placebo group at week 6.

AbbVie said on Monday that an experimental schizophrenia drug it gained through an $8.7 billion deal for Cerevel Therapeutics failed two mid-stage studies, sending the drugmaker's shares plunging 12.5% in early trading.

AbbVie (ABBV) shares dropped 11% premarket as late-stage trials for schizophrenia drug emraclidine did not meet primary endpoint.